In this paper, an analysis and performance review of a unique hybrid high-power lithium-iron phosphate cell (HP-LFP) with a high cycle life and fast charge/discharge rate is presented. The new hybrid cell has been developed under the framework of the EU-funded project Hybrid Energy Storage Station (HEROES). The proposed HP-LFP cell simultaneously achieves an optimized energy and power throughput making it useful for applications where both power and energy are demanded such as different types of electric vehicles (EVs), microgrids, and charge stations. The cathode of the hybrid HP-LFP cell is similar to the LFP batteries while the supercapacitorlike anode is based on hard carbon. Thus, the HP-LFP cell has some similarities to the recent lithium-ion capacitors (LiCs) but it behaves differently than the existing LFP batteries and supercapacitors. To distinguish the differences, HP-LFP cell samples are tested, characterized, and analyzed to review their performance compared to the existing technologies. Different standard tests including the open-circuit test, hybrid pulse power characteristics test, and capacity test are fulfilled. The test data is used for model parameterization and parameter sensitivity analysis with respect to the cell's state of charge, temperature, and charge rate. The cell performance has been validated through mission profile testing in an EV fast charge station. Based on the analysis, the paper provides a comparison between different energy storage cells.